Is your bank trying to upsell you?

Here's what you should – and shouldn’t – buy

by Rob Carrick -Personal Finance Columnist - The Globe and Mail

The downside of bank upselling is that customers get talked into buying junk products they don’t need.

According to the bank tellers pouring their hearts out to CBC in a series of recent reports, upselling is rampant because of pressure to meet sales targets. A customer’s best defence is to know which sales pitches are worth listening to, and which to shut down. To help promote more informed banking, the Personal Finance column presents this guide to bank products.

Buy this

• Overdraft protection: Essential for households where money is constantly flying in and out of chequing accounts to cover automatic payments, mortgages,…

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How the U.S. Federal Reserve rate hike might affect Canadians

The U.S. Federal Reserve raised its key interest rate from 0.75 per cent to 1 per cent today, in a move widely anticipated by economists and investors.

The hike is the second increase since December and reflects growing confidence at the central bank that the U.S. economy is now on solid footing.

Meanwhile, Canada’s key interest rate has remained at 0.5 per cent since July of 2015. What does this mean for Canadians and their finances?

1. The spread between fixed-rate and variable-rate mortgages could grow wider

The Fed’s move could lead to higher interest rates for fixed-rates mortgages in Canada, but it won’t have an effect on variable-rate mortgages.

Traditionally, a hike in the U.S. benchmark interest rate will also push up long-term…

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Steps to a Successful Home Sale

Some real estate brokerages have ads and billboards that imply that all real estate transactions are as easy as 1-2-3! 

In reality, a lot of work goes on, both on-scene and off, to ensure the smooth, successful sale of your home.  Here is a snapshot of Danielle’s services and what you can expect during the home selling process:

Pre-listing Preparation

To prepare your property for listing, Danielle will help you take a look at your home through the eyes of a potential buyer. What impression does your house give — both inside and out? A small investment in repairs, decoration and organization, both inside and outside your home, could add thousands of dollars to your property value.

Opinion of Value

Danielle’s comparative market analysis…

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B.C. real estate market forecast for 2017

Turns out 2017 might be the year when B.C. home buyers will finally get a break. But don’t bother throwing a party, yet.

Price drop is due to a lack of supply 

The Canadian Real Estate Association (CREA) predicts prices will drop by about 7.8% in 2017 in B.C., primarily due to a lack of supply of higher-priced single family homes in the Lower Mainland and Vancouver areas.

CREA’s Chief Economist, Gregory Klump, likens this forecasted price decline as the equivalent of removing the basketball team from a Grade 8 class. “Throw in the basketball team and the average height shoots up. The same applies to markets with higher-end homes.” He continues by saying that, “The forecasted drop in B.C. home prices largely reflects an anticipated decline in…

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Little help for housing in B.C. budget

Finance Minister Mike de Jong repeated in his Tuesday budget speech a by-now-familiar message from Victoria: It’s through increased housing starts that the affordability crisis that has gripped urban centres around the province will be eased.

And while he had much to say on the file, he offered little by way of new spending announcements to reduce the high costs of housing.

“I’ve cautioned before and I’ll say it again,” de Jong said, “we can’t just focus on getting more people into the market. On its own, without adding to the supply, that’s just going to drive prices higher.”

De Jong’s words appeared to be aimed in part at local governments, which share a role in pushing forward new construction. He said the province intended to “help ensure…

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Things to Consider When Buying an Acreage or Country Property

Want to buy an acreage? Need more information?

Finding the right acreage for you will provide years of enjoyment. Make sure that pretty piece of land will support your vision. Read on or click below to jump to the subjects:

• Financing for acreage
• Consider the services
• Maintenance and insurance
• Covenants and Zoning
• Tips
• Develop it yourself

More and more people are leaving the suburbs to live a country life, but buying an acreage is a little different than buying a house in the burbs. Buyers should investigate a number of things on the property, assuring them that the land they purchase is going to support the lifestyle they have envisioned.

Danielle lives on an acreage in Kamloops BC, give her a call to let her guide you on…

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What Home Sellers Should Know About New Capital Gains Tax Rules

As this year’s tax deadline approaches, recent home sellers should take note of a new rule introduced by Ottawa last year.

Canadians now have to report the sale of their principal residence on their tax return to the Canada Revenue Agency.

The sale is still exempt from the 50% capital gains tax, provided it meets all of the guidelines outlined by the CRA. But while in the past the sale of a principal residence did not need to be flagged, home sellers are now required to provide details of the sale – including the address, the year it was bought and how much it sold for – on their tax return form.

Although the administrative change wasn’t announced until Oct. 3, it applies to all sales that took place in 2016, as well as going forward.

Read…

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B.C. real estate reform: What you need to know

You will have heard about the changes to British Columbia real estate laws

The British Columbia government is in the midst of a wide-ranging overhaul of how the housing market is regulated and taxed, amid growing concerns that foreign ownership, rampant speculation and unscrupulous real estate agents are fueling an affordability crisis.

On Aug. 2 2016, a 15-per-cent tax took effect for home purchases in the Metro Vancouver area involving foreigners. During the past several months, the province has also announced an end to self-regulation, largely in response to a series of Globe and Mail investigations into questionable practices within the industry. This has included a tax on vacant homes in the City of Vancouver.

These are in addition to what…

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Fast Facts About Kamloops, British Columbia

Considering moving to Kamloops BC?

Or do you live here and want to know more about your town? Checkout some of these Kamloops BC facts.

Population Data

Population - 85,678

Growth Rate - 6.6%

Unemployment Rate - August 2016 - 6.8%

(Source: Venture Kamloops 2015)

Climate Facts

Annual Hours of Sunshine - over 2,000 hours annually

Mean Maximum Temperature: 26.94°C

Mean Minimum Temperature: (-4.2°C)

Growing Season - 166 days

Annual Rainfall - 279 mm

Annual Snowfall - 75.5 cm

Elevation - 347 m (1,140 ft) (Thompson River Intake)

Visit some Kamloops Webcams

Major Employers

Interior Health Authority - 3398 (2014)

Thompson Rivers University - 1149

School District #73 - 1898

Highland Valley Copper Mine…

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CMHC raising mortgage insurance premiums for new buyers

OTTAWA, ON. – The Canada Mortgage and Housing Corporation is raising the cost of mortgage loan insurance for new home buyers effective March 17th. The Crown Corporation estimates the increases will add about $5 to a monthly mortgage payment for its average home buyer.

TO READ THE FULL NEWS RELEASE CLICK HERE

Regulatory requirements that came into effect on Jan. 1 that require mortgage insurers to hold additional capital. The premiums are calculated based on the loan-to-value ratio of the mortgage being insured. The size of the increase in rates depends on that ratio.

For instance, new homeowners who make a down payment between five to 9.99 per cent can expect an increase of $6.59 to their monthly mortgage if their loan is $350,000.

For the…

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